Mullen condemns curbs on community credit
Speaking in the Seanad today Independent Senator Rónán Mullen today criticised the Central Bank for ordering over 200 Credit Unions to cut lending.
“Thousands of Credit Union members are being refused loans because of orders from the Central Bank to curb lending.”
Senator Mullen said that many people were being refused short term loans and that the community credit system was being undermined.
“I have received disturbing reports that older people are being refused loans for cars, parents are being refused short term loans to defray family costs and some people were being denied loans to cover funeral costs. This undermines the community credit system entirely. I am sure that Bank Managers are delighted that the Central Bank is using such a blunt instrument to restrict lending.”
Senator Mullen said he agreed with the League of Credit Unions that the Central Banks latest criteria on lending is unclear.
“These new rules will hit members of the community who have been part of their local Credit Union for years.”
